A hot real estate market in the Treasure Valley isn’t just affecting those buying or selling a house. Ada County is seeing a high number of homeowners appealing their valuations.
It’s no secret that housing prices in Ada County have continued to climb year after year. The median home price here reached a record $342,000 in May.
And because of that, many homeowners were taken aback when they saw how much county assessors were appraising their houses for.
Ada County Assessor Bob McQuade says his office is handling about 1,000 appeals this year after he told KBOI-TV that the median increase in home value went up by about 16.5% this past year.
That’s the highest number of appeals since 2011 when the Boise market was in the depths of the recession.
A recent analysis by a Wall Street firm says Boise homes are overvalued by at least 20%. But McQuade says their hands are tied.
“We have to be at market value, which is what properties are selling at and even if it is [20% overvalued], we just have to do what the market is telling us,” he said.
An increase in home valuation doesn’t necessarily mean a person’s property tax bill will go up an equal amount. Counties and municipalities haven’t yet set their budgets – and along with it, their tax levy rates. The Idaho Tax Commission has an online calculator to help homeowners estimate what they might owe this coming year in property taxes.
The deadline to appeal your home valuation has already passed in Ada County. Only 103 appeals have been filed in Canyon County, which is the lowest number it has seen in more than five years.
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